- Uniswap Token noted a bullish breakout in its price action on the 4-hours chart.
- Last night, UNI broke the 20 EMA on the daily basis chart but failed to manage above it. Is this the most recent bullish hurdle?
- The price of the UNI/BTC pair is up 0.93% in the Green Zone at 0.0001934 Satoshis.
Uniswap investors have finally overcome selling pressure by breaking a rising parallel channel on the 4-hours price chart. However, in an intraday trading session, the bulls are facing a retreat but still the bulls are defending well by managing costs above the $5.5 mark (the most recent support)
During reducing selling pressure, bulls have interrupted the falling trendline which was the selling point of bears since early April. Now buyers have a good time to buy the UNI token until it reach conceptual roud level of $10.
Last week traders saw the Dragonfly Doji candle, but still the bullish momentum observes weeks because of minor retracement phases. Nevertheless, altcoin is above the green signal line of the Super trend indicator on the 4-hours chart.
Uniswap token is in the red zone in intraday trading session while trading at $5.6 mark at the time of writing. trading at the $5.3 mark. On the 4-hours price scale, the $5.0 to $4.7 area is acting as a short-term support area. Meanwhile, the market cap decreased by 2.5% in the last 24-hours. Moreover, The price of the UNI/BTC pair is up 0.93% in the Green Zone at 0.0001934 Satoshis.
UNI Token on daily price graph
Last night, UNI broke the 20 EMA on the daily basis chart but failed to sustain it. Now it remains to be seen whether the bulls will push the altcoin on itself.
Amidst the upward momentum, the RSI is showing a higher-higher formation, which is a clear sign of a bullish trend, but the indicator is yet to jump above the 50-point bullish barrier.
Conclusion
Despite the retracement phase, the bulls are playing well to manage the price of Uniswap token above the $5.5 mark. But now it remains to be seen whether the bulls will push the altcoin on them or not.
Tehcnical Levels
Support level – $3.7 and $3.0
Resistance level – $8.0 and $10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
